SouthState (NASDAQ:SSB) Releases Earnings Results, Beats Expectations By $0.25 EPS

SouthState (NASDAQ:SSB) issued its quarterly earnings data on Wednesday. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25, Zacks reports. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same quarter in the previous year, the firm posted $1.63 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year.

SouthState Price Performance

SSB stock traded up $5.40 during mid-day trading on Thursday, hitting $97.11. The company had a trading volume of 700,633 shares, compared to its average volume of 474,250. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 15.71 and a beta of 0.68. SouthState has a 12-month low of $63.36 and a 12-month high of $97.71. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $78.14 and a 200 day moving average price of $80.22.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SSB shares. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective for the company in a research report on Tuesday, May 21st. Truist Financial cut their price objective on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research report on Monday, July 8th. Keefe, Bruyette & Woods boosted their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Finally, Piper Sandler upped their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SouthState currently has a consensus rating of “Hold” and a consensus price target of $90.57.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.